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Sula Vineyards Ltd shares went down by 6.26 per cent after the company received an order from the Minister (State Excise Revenue) dated July 31, 2023.
The company’s demand notice was based on the grounds that excise duty was recoverable on wine produced from grapes in Maharashtra and blended with wine brought from across customs frontiers or other states, according to the Maharashtra Manufactured Beer and Wine Rules, 1966.
Sula Vineyards Ltd has challenged the Order, and filed a writ petition before the High Court of Bombay on August 1, 2023, against the State of Maharashtra through Principal Secretary and others. The company has sought legal advice, believing that the demand notice is not valid under law.
The company expects the quantifiable amount to be Rs. 1,158.95 million, which includes excise duty along with the interest.
The shares went down by 6.26 per cent to Rs 483 at 10:24 a.m. on BSE. At 11:50 am the share was down 6.74 per cent at Rs 481.45.
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